You have wisely chosen a great condo to purchase in one of Oklahoma's beautiful neighborhoods. Whether you decided on your condo for the more affordable lifestyle, the shared responsibility of outside maintenance with your homeowner's association, or the convenient location near Oklahoma City or other shopping centers, you've made a serious investment. Now, you'd like to protect that investment with condo insurance.
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What is Condo Insurance?
Homeowners Associations (HOAs) or condo associations can be found in all of Oklahoma's wonderful condominium dotted neighborhoods. You may have chosen your home based on the perks your particular HOA offers. Your condo association has a master insurance policy that covers the property, common areas and physical structure of your building. One great thing about condos: That's already covered. However, this master policy does not cover your personal property or your legal responsibility to others, and it may not cover improvements or customizations you plan for your home.
When you own a condominium, you — not your condo association — are responsible for what's inside your condo. That's why having a personal condo insurance policy is important.
If you rent your condo, renters insurance would be the type of policy you need.
Why Should I Buy Condo Insurance?
If you own a condo or townhouse, you have different insurance needs than the typical Oklahoma homeowner. Not only do you own your individual condo, you also share ownership in the common areas and overall structure of your building. If shared areas need upkeep or improvements, your association will typically handle the cost through their insurance package. Although your association dues help pay for upkeep of the common areas, they do not typically cover your personal property within your own unit, or your liability if someone is injured on your property.
Condominium insurance provides protection where condo associations do not. Condo and town house coverage protects your possessions within your unit, including furniture, appliances, kitchen and bath facilities and your prized possessions such as artwork and jewelry. If you plan on upgrading your unit, any improvements you make will also be covered under your policy, including wall units, renovations and wallpaper.
What Does Condo Insurance Cover?
As you search for condo insurance quotes from one of Oklahoma's insurance companies, you'll typically select from available coverages, such as:
- Personal property that protects your artwork, jewelry or other valuables.
- Replacement value of your primary dwelling and specified permanent attachments, up to a specific value.
- Bodily injury if someone is hurt on your property.
- Liability for property damage.
- Damage protection from dangers, such as fire, plumbing freezes, vandalism, glass breakage, etc.
Do I Need Replacement Cost or Actual Cash Value Coverage?
Most Oklahoma insurance companies will offer you a choice between replacement cost coverage and actual cash value coverage when you opt for one of their condo insurance policies. What's the difference?
- Replacement cost coverage provides the full amount of what it would cost to replace your damaged items kept inside the condo. Even if the item has depreciated in value, you will receive the amount of money it would cost to purchase a new, similar item. Say a pipe bursts in the ceiling of your bedroom and ruins your mattress. A replacement cost coverage policy will pay the price of buying a new mattress of the same size.
- Actual cash value coverage reimburses you only for what the damaged item is worth, not the cost of a replacement item. For example, if your 10-year-old refrigerator is damaged beyond repair by a covered loss, you would receive the amount of money a 10-year-old refrigerator is worth, which would be much less than the cost to replace the refrigerator with a new one.
How Much Condo Insurance Do I Need?
Before you decide on which policies to purchase, you should conduct an inventory of your possessions. Add up their value and determine what it would cost to replace everything.
Next, budget the expense you could afford to pay in the event your Oklahoma condo is struck by disaster and you had to meet your insurance policy's detectible. Select a deductible that is right for you.
Also, take a look at the furnishings you purchased when you bought your condo. If you have a basic condo with standard counter tops and flooring, your policy coverage may not need to be as high as someone with granite counter tops and hardwood floors.
How Much Should My Condo Insurance Quote Be?
The cost you're quoted for condo insurance depends on many factors including the coverage you need and any discounts available to you. Most Oklahoma insurance companies offer customers a discount for multiple policy holders should you purchase your condo insurance from the same outfit that covers your vehicle. Others give discounted premiums for safety equipment such as gated entries, sprinkler systems and burglar alarms.
Other factors that can affect your premium include:
- The value of your condo or townhome
- The location and certain risks inherent to that site
- Your credit score
Where Can I Find the Best Condo Insurance in Oklahoma?
You don't have to search high and far for condo insurance quotes in Oklahoma when you have a knowledgeable Trusted Choice® independent insurance agent do the searching for you. When you contact one of our experienced representatives they do the work to find the perfect condo insurance policy that meets your needs and lifestyle. Find an agent in your area to get extra peace of mind.